The British Virgin Islands Ports Authority (BVIPA) is asking BVI residents (Belongers) to consider investing in the Cruise Pier Expansion Project, through a Special Purpose Vehicle (SPV); guaranteeing investors annual returns for a number of years.
According to the Managing Director of the BVIPA Mr. Claude O. Skelton Cline, the SPV for the Cruise Pier Development will open shortly, and is asking the public to prepare now.
He explained: "We would like for all Belongers to ready themselves for the opportunity, which will open for subscription shortly. It‘s really a great opportunity for those persons interested in investment activities, and benefitting the growth of the Territory."
A decision was taken by the Government of the Virgin Islands to allow Belongers (as defined by the Virgin Islands Constitution Order, 2007) the opportunity to invest first.
Mr. Skelton Cline further stated: "While there are no caps on how much you can invest, there is however, a minimum of $5,000. We are encouraging persons to invest so that they can become a part of what is a marquee project for cruise tourism in the BVI."
The managing director added that the SPV provides a working template by which other major projects can be financed and managed.The SPV offer is categorized by Class A, B and C Preference Shares with annual dividends or returns of 5.75-percent, 6.75-percent and 8.45-percent, respectively.
Following the same order of the different classes of shares (A, B and C), the managing director said that the preference shares will be automatically redeemed after seven, ten and fifteen years. This means that persons will receive their initial principle-protected investment at the end of each investment period, at these intervals. The SPV provides a three month window once issued to achieve full subscription.
Mr. Skelton Cline said that once the project commences, and activities stay on schedule, subscribers should expect returns as early as 2016.
Interested persons are asked to ready their funds and listen out for more detailed information from the BVIPA in the coming weeks.
The BVI Ports Authority is responsible for the Territory‘s cruise infrastructure and is forging ahead with the new cruise pier and landside development to be completed by Summer 2015.
The unique and modern cruise pier facility will deliver a memorable, world-class, environmentally compatible and sustainable development that features commercial, entertainment and green spaces.